The overall market sentiment remains bearish, with a significant drop in trading volume. This bearish sentiment is reflected in the price action of XRP, which is struggling to break out of its recent downtrend. The recent price action of XRP is a reflection of the broader market sentiment, which is currently bearish.

There was a move below the $0.5750 level. Besides, there was a break below a key bullish trend line with support at $0.5850 on the hourly chart of the XRP/USD pair. The pair tested the 50% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5989 high. The price is now trading below $0.5680 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5720 level and the 100-hourly Simple Moving Average. The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.5980 resistance. The next major resistance is near the $0.600 level. Any more gains might send the price toward the $0.6120 resistance or even $0.620 in the near term.

If XRP falls below this level, it could trigger a deeper sell-off. The potential downside for XRP is significant, with analysts predicting a drop to $0.40. This prediction is based on the current market sentiment and technical indicators, which suggest a bearish trend.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5550 and $0.5420. Major Resistance Levels – $0.5720 and $0.5850.